Report Summary

• CapitaLand India Trust (CLINT) delivered a solid 3Q25, with total property income and net property income rising 10% year-on-year, supported by healthy rental reversions and occupancy levels.
• CLINT’s divestment of CyberPearl and CyberVale improved its credit metrics; management plans to recycle capital into higher-yielding projects and further reduce debt, with gearing lowered to 40.9%.
• The Trust is actively expanding its portfolio, including data centres, and benefits from India’s rapid economic growth and regulatory tailwinds such as SEZ Act relaxation.
• CLINT maintains leadership in ESG practices, especially in green building certifications, and faces ongoing recruitment and retention challenges common to the sector.
• Potential catalysts include successful divestment of data centre stakes, strong outsourcing demand, and higher tenant uptake from SEZ space denotification; risks revolve around development delays and currency fluctuations.
• OCBC Investment Research reiterates a BUY rating for CLINT, with a revised fair value of SGD 1.42 and projected distribution yields rising to 7.2% in FY26.